Year End Closing for FY 2013

Transcription

1 Year End Closing for FY 2013

2 Year End Closing for FY 2013 Introduction and Overview Kara Mathe

3 Year End Closing for FY 2013 Scheduled date for closing the General Ledger for the 2013 fiscal year is: Thursday, July 11, 2013 Introduction 3

4 Definition What is year-end closing? An accounting procedure undertaken at the end of the year to close out business from the previous year Carries forward balances from the previous year Open general ledger for the next fiscal year Introduction 4

5 Objective Record all receipts/revenues and disbursements/expenses in the proper fiscal year. Ensure the accuracy of any outstanding commitments (purchase orders and travel encumbrances) for the year so that budget balances (committed and not committed) for state funds can be accurately carried forward. Introduction 5

6 Critical Elements of Closing A timely and accurate closing requires the coordinated efforts of Finance and Accounting and campus departments. Two significant activity periods: Prior to June During June Introduction 6

7 Prior to June All departments should: Review and reconcile their ledgers on a monthly basis. Verify that all requisitions, invoices and payroll transactions have been recorded accurately. Verify that all corrections have been posted. Introduction 7

8 During June Monitor June financial activity with the use of prompted financial reports. If there are transactions that do not appear in the reports, ensure that they are recorded in the ledger by the posted deadline. Required actions may include: expense transfers, payroll corrections, deposit corrections, phone call to contact person. Introduction 8

9 Year End Information The summarized Year End Schedule is located at: e.xlsx The spreadsheet lists critical dates, tasks, responsible units and staff. Introduction 9

10 Agenda Treasury Management Suzanne K. Sindledecker, Assistant Controller Asset Management Sherry Adams, Accounting Coordinator IV Payroll Department Budget Tables Susan Wilson, Accounting Coordinator III Introduction 10

11 Agenda General Accounting/Financial Reporting Kara Mathe, Accounting Coordinator III Purchasing and Disbursements Randy Staples, Associate Controller Budgets Sheri Austin, Director Introduction 11

12 Introduction Questions or Comments? Introduction 12

13 Year End Closing for FY 2013 Treasury Management Suzanne K. Sindledecker

14 Treasury Management Deposits Deposit processing for the month of June will be similar to prior month-ends with the exception of extended deadlines noted in the following slides. Treasury Management 14

15 Friday, June 28 Cash & Check All cash and check deposits (including cash expense refunds) must be received by University Cashiers/Treasury Management (S-113B Criser Hall) by: Friday, June 28, 8:00 am in the drop box Friday, June 28, noon over the counter Normal deadline for over-the-counter deposits (10:30 am) will resume on Monday, July 1. Treasury Management 15

16 Friday, June 28 Cash & Check Deposits Contact: Karen Gillespie Phone: Treasury Management 16

17 Tuesday, July 2 Credit Card All credit card deposits must be entered in PeopleSoft by: Tuesday, July 2, noon Treasury Management 17

18 Tuesday, July 2 Credit Card Deposits need to be entered daily, as soon as practical, but no later than the next day after the settlement date. Critical: Enter deposits regularly during the last week of June so all the deposits can be processed before the Accounts Receivable subsystem closes. Treasury Management 18

19 Tuesday, July 2 Credit Card Contact: Renato Squindo or Shelley Fanus- Williams Phone: tmhelp@admin.ufl.edu Treasury Management 19

20 Tuesday July 2 EFT/ACH/Wire EFT/ACH and Wire deposits must be entered in PeopleSoft by: Tuesday, July 2, noon Treasury Management 20

21 Tuesday, July 2 EFT/ACH/Wire Deposits need to be entered as soon as practical, but no later than the next day after receiving confirmation. Critical: Enter deposits regularly during this last week so all the deposits can be processed before the Accounts Receivable subsystem closes. Treasury Management 21

22 Tuesday, July 2 EFT/ACH and Wire Deposits Contact: Janet Li, Maxine Word, or Suzanne Sindledecker Phone: tmhelp@admin.ufl.edu Treasury Management 22

23 Wednesday, July 3 Corrections All deposit correction journal entries (DPC journals) correcting fiscal year deposits should be received in V/V status no later than: Wednesday, July 3 Treasury Management 23

24 Tuesday, June 25 AR Module will be available for FY14 deposits. Treasury Management 24

25 Treasury Management Contact Suzanne Sindledecker, Janet Li or Maxine Word Phone: Treasury Management 25

26 Treasury Management Questions or Comments? Treasury Management 26

27 Year End Closing for FY 2013 Asset Management Sherry Adams

28 Friday, June 14 Assets to continue on the Equipment Maintenance program will need to be confirmed. Asset Management 28

29 Friday, June 14 Deadline for Facilities Planning & Construction, Physical Plant and IFAS Facilities to send invoices to Construction Accounting for processing. Asset Management 29

30 Friday, July 19 Printable depreciation report available for Auxiliaries from MyAssets. If you need a copy of the report, please your request to dbowman@ufl.edu Asset Management 30

31 Asset Management & Construction Contact Asset Management Sherry Adams Phone: Construction Brenda Harrell Phone: x406 Asset Management 31

32 Asset Management Questions or Comments? Asset Management 32

33 Year End Closing for FY 2013 Payroll Department Budget Tables (Distributions) Susan Wilson

34 Monday, June 10 6/10/13 - Last day to edit FY13 department budget tables before rollover occurs. Level 2 approval must be completed for job data actions. Payroll Department Budget Tables 34

35 Tuesday, June 11 6/11/13 - System rollover for all existing FY13 department budget tables. FY14 department budget tables are created. Payroll Department Budget Tables 35

36 Wednesday, June 12 Departments may start to review FY14 department budget tables, activate and save. ALL rollover department budget tables must be ACTIVATED by departments. Payroll Department Budget Tables 36

37 Activating Payroll Department Budget Tables 37

38 Activating continued Once activated appears as shown below Payroll Department Budget Tables 38

39 Distribute to 6/30/14 If grant expires before 6/30/14 you will need to use a different combination code. Payroll Department Budget Tables 39

40 Listserv will be sent notifying which Department Budget Tables still need to be activated. Payroll Department Budget Tables 40

41 Last FY13 Retro Retros to non-grant funds must be entered in the system by 5pm on Thursday, June 20, for them to be effective for FY13. If ANY retro edits occur after this, they will not process until July 1. Payroll Department Budget Tables 41

42 System locked Departments will not be able to access the Payroll Department Budget Table system from noon on Friday, June 21 until sometime on Monday, July 1. notifications will be sent when locking and unlocking system occurs. Payroll Department Budget Tables 42

43 Friday, July 5 Departments will have until noon on Friday, July 5 to review, activate and save FY14 department budget tables. Payroll Department Budget Tables 43

44 Friday, July 5 continued: Since 7/5/13 is the day following the holiday, we anticipate many staff will be using vacation leave. Please take this into consideration when planning workload to ensure all employees are distributed by noon. Payroll Department Budget Tables 44

45 FY14 s not needed Do not activate if employee will not be active in FY14 ANY FY14 department budget tables that are NOT ACTIVATED by noon, 7/5/13, will be DELETED. Payroll Department Budget Tables 45

46 Please Note ANY FY14 department budget tables that are NOT ACTIVATED by noon, 7/5/13, will be DELETED sometime during the week of 7/8/13-7/12/13. Campus will be notified when this lock-out will occur. If department budget tables are needed later, departments will need to create. Payroll Department Budget Tables 46

47 New Hires in June For any new hires entered after the rollover occurs, the department will need to create both the FY13 and FY14 department budget table. Friday, 6/21/13, noon - Deadline to create a new FY13 department budget table. Since departments only have access until noon, need to create FY13 s by then, if possible. Payroll Department Budget Tables 47

48 New Hires in June Both FY13 (6/21 6/30)and FY14 (7/1 7/4) Department Budget Tables are needed to pay crossover PPE 7/4/13. Payroll Department Budget Tables 48

49 New Hires in June (cont d) University Payroll & Tax Services will be able to create FY13 department budget tables from noon on Friday, 6/21/13, through Friday, 6/28/13 via submission of the PDRR form. Beginning 7/1/13 PDRR s to create FY13 s for PPE 7/4/13 can be processed by your college level or Vice President Office areas. Payroll Department Budget Tables 49

50 New Policy - Effective 7/1/13 College level and Vice President Office processors will have access to process the prior two fiscal year department budget table edits (FY12 & FY13) via submission of the PDRR form. Payroll Department Budget Tables 50

51 Charges Paid after 7/4/13 Once PPE 7/4/13 payroll is closed, any charges paid from 7/5/13 onward are charged to the current FY14 Department Budget Table (no matter what dates are being paid). Payroll Department Budget Tables 51

52 FY14 Retros First department budget table retro for FY14 will run on Monday night July 1. Payroll Department Budget Tables 52

53 FY13 Journal Entry Requests Deadline to submit FY13 non-grant fund related journal entry requests will be 7/3/13. Journal instructions available at website. Payroll Department Budget Tables 53

54 Payroll Department Budget Tables Contact Susan Wilson Phone: Payroll Department Budget Tables 54

55 Payroll Department Budget Tables Questions or Comments? Payroll Department Budget Tables 55

56 Year End Closing for FY 2013 General Accounting and Financial Reporting Kara Mathe

57 June 1 June 24 Negative Balance Notification General Accounting will send negative balance reports weekly for non-grant funds. Please correct negative balances while the system is available by entering E2Es, retros, deposits, budget transfers, or cash transfers, as appropriate. General Accounting 57

58 Friday, June 7 Chartfield Values Deadline to request new Chartfield values (DeptID, Dept Flex and SOF) for use in FY13. General Accounting 58

59 Wednesday, June 19 Combination Code (HRAC) Deadline to request new Combination Code (HRAC) for use in FY13. Note: Last retro for FY13 is Thursday, June 20. General Accounting 59

60 Wednesday, July 3 GL Journal Entries Deadline to create GL journal entries (E2E, E2R, ISP, ONL, UPL) for June 2013 is Wednesday, July 3. General Accounting 60

61 Allocations All overhead allocations based on June expenses will run before FY13 year end and post to FY13 Actuals and Budget Ledgers. General Accounting 61

62 Thursday, July 11 Year-End GL Closing Month of June and Fiscal Year 2013 will be closed. Income statement accounts will be closed to balance sheet accounts and balances will be brought forward. General Accounting 62

63 Tuesday, July 16 Final Year End Reports Final Year End Financial Reports will be available to campus. Preliminary Year End Monthly Financial Reports will not be provided to campus this year. Will include June transactions processed after July 1 st. June Expenses relating to Split Payroll for PPE 7/4/13 GL Journal Entries processed with a June Date Credit Cards/EFT/ACH and Wire deposits with June date General Accounting 63

64 Auxiliary Reporting Monday, July 1 General Accounting will send a notification to Auxiliaries that are not requested to prepare financial statements* requesting Year End accrual information (receivables). Friday, August 2 Due date for Auxiliaries to provide Year End accrual information. *Annual revenue LESS than $1 million. General Accounting 64

65 Auxiliary Reporting Wednesday, July 17 General Accounting will conduct workshops for Auxiliary Financial Statement* preparers at Sunshine Skyway, Enterprise Systems, from 3:00 pm - 4:30 pm. Friday, August 2 Auxiliary Financial Statements are due to General Accounting. * Auxiliaries with revenue in EXCESS of $1 million annually General Accounting 65

66 Tuesday, July 23 Component Unit Financial Reporting Workshop Tuesday, July 23 3:00 pm - 5:00 pm McCarty Hall D, Room Videoconferencing will be available Limited to preparers of Component Unit financial statement forms Visit Financial Reporting Website: General Accounting 66

67 General Accounting and Financial Reporting Contact Sheela Moudgil Phone: General Accounting 67

68 General Accounting Questions or Comments? General Accounting 68

69 Year End Closing for FY 2013 Purchasing and Disbursements Randy Staples

70 Purchasing and Disbursements Departments are encouraged to begin reviewing all outstanding purchase orders (PO) and travel authorizations (TA). Purchasing and Disbursements 70

71 Purchasing and Disbursements Please note that any PO not currently needed should be canceled. This must be performed in the following manner: Purchasing and Disbursements 71

72 PO and/or PO Lines Not Previously Vouchered Against Complete a change order to cancel the PO and forward to Purchasing. The change order form can be found at: Purchasing and Disbursements 72

73 PO That Has Been Vouchered Against Finalize the PO on the last voucher. Navigate to: Accounts Payable > Review Accounts Payable Info > Interfaces > Purchase Order Key in your Purchasing Business Unit and select the PO. (This will list all vouchers applied against the PO.) Purchasing and Disbursements 73

74 PO That Has Been Vouchered Against Note the latest voucher number. Retrieve this voucher in Accounts Payable. Finalize the PO by clicking on the Finalize icon on the invoice information tab of the voucher. You will need to budget check to release the funds. Purchasing and Disbursements 74

75 PO That Has Been Vouchered Against Note: A PO that has had the entire amount vouchered for payment (open amount of $0.00) and has not been finalized will need to be finalized to close the PO. Purchasing and Disbursements 75

76 Outstanding Encumbrance Report The outstanding encumbrance report for open POs and TAs is available in Enterprise Reporting and can be found by navigating to the following: Enterprise Reporting > Access Reporting > Monthly Financial Reports > Type of Report > PDF Open Encumbrance Report Departments will be required to run this report and perform the following tasks for all outstanding POs and TAs: Purchasing and Disbursements 76

77 Purchase Orders Appropriated Funds (101, 102, 103, 105, 111, 112, 113, 191, 196, 221, 222) Use the following process: 1. POs no longer needed Cancel or finalize per the above instructions. 2. All amount only blanket POs must be canceled or finalized. 3. Any POs that are not canceled by Purchasing or finalized by the department will be carried forward. Purchasing and Disbursements 77

78 Purchase Orders The following FY13 encumbrances are authorized to be carried forward: Established POs to outside vendors for the purchase of goods, but not amount only blanket POs An estimated amount to allow for the payment of June services for service POs Purchasing and Disbursements 78

79 Purchase Orders The PO Rollover process will be initiated by Purchasing to roll remaining POs to FY14. The PO number will not change from the existing FY13 number. Purchasing and Disbursements 79

80 Purchase Orders FY13 PO distribution lines will be canceled and a new distribution line will be generated for the same amount and classified as FY14 CYFWD ( ) or CRRNT (191, 196, ) Purchasing and Disbursements 80

81 Purchase Orders The FY13 budget balance equal to the total of POs not canceled or finalized will be moved to the FY14 budget (CYFWD or CRRNT, as applicable) if adequate budget exists. Purchasing and Disbursements 81

82 Cash-Based and 201/209 Funds The cumulative budget feature of these funds will allow for POs to remain open across fiscal years. Although all POs funded by cash and budget based funds will remain open, departments should use this opportunity to clean up any POs no longer needed. Cancel or finalize POs per the instructions above. Purchasing and Disbursements 82

83 Deadlines Friday, June 14 Last day to submit change order to Purchasing to cancel a FY13 purchase order Tuesday, June 25 Last day for departments to finalize a purchase order that has been vouchered against Purchasing and Disbursements 83

84 Travel Authorizations Cancel all TAs not needed in the Travel and Expense module by Monday, June 24. The Open Encumbrance Report can be used to identify all open TAs on your budgetary cost centers. University Disbursement Services will reestablish the TAs (TA number in FY14 will remain the same as the existing FY13 number) based on the following criteria: Purchasing and Disbursements 84

85 Travel Authorizations Funds , 105, The FY13 budget balance equal to the total of TAs not canceled or deleted will be moved forward to FY14 CYFWD budget reference for funds and to FY14 CRRNT for funds All Other Funds For all remaining TAs, the budget reference will be changed to FY14 CRRNT. Purchasing and Disbursements 85

86 Year End Closing for FY 2013 Purchasing and University Disbursement Services Year-End Information and Schedule

87 Requisitions Orders above $75,000 that require competitive bidding Should be submitted by May 8 th to ensure that FY13 funds are encumbered. A sealed bid/solicitation requires at least days to specify, advertise, open, evaluate, award and post, before a purchase order can be issued. Purchasing and Disbursements 87

88 Requisitions All requisitions for FY13 Must be entered into the University s accounting system by Friday June 14 to ensure POs are encumbered against FY13 funds. For FY13 requisitions after this date, contact Purchasing to coordinate any requests to encumber funds. Purchasing and Disbursements 88

89 Requisitions After Friday, June 14 Departments may begin to enter FY14 requisitions but these will need to be saved but not submitted. Departments will be notified when FY14 budget is available and FY14 requisitions may then be submitted. If a requisition is submitted instead of saved, it will be rejected by myufmarket. Purchasing and Disbursements 89

90 Purchasing Card Because of timing issues with vendors submitting purchasing card transactions to their bank, There is no way to determine the exact date a transaction will be sent to UF by our bank and loaded into the PCard module. The last day to approve PCard transactions on FY13 funds will be Tuesday, June 25. Purchasing and Disbursements 90

91 Purchasing Card You may continue to use your UF purchasing card and approve charges through the end of the fiscal year, with the following restriction in mind: All transactions received or approved by Wednesday, June 26, charges will be applied against FY13 funds. Purchasing and Disbursements 91

92 Monday, June 24 Last day to input an expense report or a travel authorization in PeopleSoft to ensure payment from FY13 funds. No input will be allowed in the PeopleSoft Travel and Expense module after Monday, June 24. Reopen on Monday, July 8. Purchasing and Disbursements 92

93 Tuesday, June 25 Last day to approve an expense report or a travel authorization in PeopleSoft to ensure payment from FY13 funds. Revenue Refund requests should be input into PeopleSoft to ensure posting against FY13 funds. Deadline for departments to finalize POs in PeopleSoft that have been vouchered against for FY13. Purchasing and Disbursements 93

94 Tuesday, June 25 Last day to input a voucher into PeopleSoft to ensure payment from FY13 funds. Travel related Cash Expense Refunds should be remitted to the UF Travel Office. No input will be allowed in the PeopleSoft Accounts Payable module after Tuesday, June 25. Reopen on Monday, July 8. Purchasing and Disbursements 94

95 Tuesday, June 25 Last day to upload vouchers thru the interface process into AP (IDs, Library, etc.). All travel advances for FY13 must be settled for Approp Funds. Last day to approve PCard transactions to ensure payment against FY13 funds. Purchasing and Disbursements 95

96 Tuesday, June 25 All supporting documentation must be received in University Disbursement Services via fax imaging or voucher attachment for approval of vouchers. Purchasing and Disbursements 96

97 Wednesday, June 26 University Disbursement Services will approve all pending vouchers for year-end processing. Purchasing and Disbursements 97

98 Friday, June 28 All vouchers entered into PeopleSoft must be cleared of all matching exceptions and budget errors. University Disbursement Services will be reviewing these errors and contacting departments for assistance. Purchasing and Disbursements 98

99 Saturday, June 29 The PO Rollover process will be initiated by Purchasing to roll remaining POs to FY13. Purchasing and Disbursements 99

100 Tuesday, July 2 The FY13 budget balance equal to the total of POs/TAs not canceled or finalized will be provided to the budget office for movement to the FY14 budget (CYFWD or CRRNT, as applicable) if adequate budget exists. Purchasing and Disbursements 100

101 Monday, July 8 Accounts Payable and Travel modules will be opened to enter FY14 transactions. These modules need to be closed until FY14 budgets are established and FY13 POs and TAs are closed. Purchasing and Disbursements 101

102 Contacts Purchasing Karen Frank x216 Travel Brett Wallen Accounts Payable Randy Staples Purchasing and Disbursements 102

103 Purchasing & Disbursements Questions or Comments? Purchasing and Disbursements 103

104 Year End Closing for FY 2013 Budgets Sheri Austin

105 Budget Office Each fiscal year-end, the Budget Office has the responsibility of allocating and loading the next year's Current and Carryforward budget. The following is a timeline of the process: Budgets 105

106 Budget Allocation Wednesday, May 15 (Estimated) FY14 Appropriated funds will be allocated to Colleges. Units can begin entering Budget Data in the Hyperion Budget System. Friday, June 14 Deadline for units to complete entering Budget Data in the Hyperion Budget System. Budgets 106

107 Budget Transfer Availability Thursday, May 2 System will be available for budget transfers for FY14 for Waiver Authority fund 132. Friday, June 28 Deadline to process budget transfers for FY13 for APPROP and STUGOV ledgers. Budgets 107

108 Budget Transfers For FY14 Fund 132 When creating a new Budget Transfer Journal: - Change the Journal Date from the current date to 07/01/2013 Budgets 108

109 Budget Transfer Availability Monday, July 8 System will be available for budget transfers for FY14 for APPROP (All Funds) and STUGOV Ledgers. Budgets 109

110 FY14 CRRNT Budget Friday, June 28 Last day to process budget transfers for FY13 for APPROP and STUGOV ledgers. Friday, June 28 FY14 CRRNT budget will be available in: APPROP Ledger funds , 105, 196, 221 & 222 Concession fund 192 STUGOV Ledger fund 191 Budgets 110

111 Friday, July 5 FY14 Carryforward Budget Budget amounts that are committed (i.e., outstanding purchase orders and travel authorizations), but not expended at June 30 for E&G, IFAS, HSC, and Student Activities budget entities are carried forward and budgeted in FY14. Budgets 111

112 Friday, July 5 FY14 Carryforward Budget These budget amounts are recorded in the Commitment Control Ledger, budget reference CYFWD (Funds ) or CRRNT (Funds 191, 196, 221, 222). The budget is recorded in the same Department ID, budgetary account, and program (if applicable) as shown on the commitment. Budgets 112

113 Thursday, July 18 FY14 Carryforward Budget FY13 CRRNT uncommitted and unexpended budget amounts for E&G, IFAS, and HSC budget entities (Funds only) are distributed to the appropriate major budgetary unit, e.g., Vice President, College Dean Recorded in the Commitment Control APPROP Ledger Budget Reference of CYFWD, FY14 Budgets 113

114 Thursday, July 18 FY14 Carryforward Budget Unexpended FY13 balances with a Budget Reference of CYFWD are carried forward and budgeted in FY14. These balances are recorded in Commitment Control APPROP Ledger Budget Reference CYFWD Same Department ID, budgetary account, and program (if applicable) as shown in the APPROP Ledger at FY13 Budgets 114

115 Budgets Contact Sheri Austin Phone: Julie Wang Phone: Stephanie Nielsen Phone: General Accounting 115

116 Budgets Questions or Comments? Budgets 116

117 Year End Closing for FY 2013 Conclusion Kara Mathe

118